S&P affirms Maybank

Standard & Poor's said it affirmed the A-/A-2 counterparty credit ratings on Malayan Banking Bhd. (Maybank).

The affirmation follows the company's announcement that it would acquire 15% of Pakistan's MCB Bank Ltd., with the right to increase its stake to 20% after one year.

The outlook is positive.

The affirmation is based on its sound financial profile and strong domestic franchise as the largest commercial bank in Malaysia, underpinned by continued improvement in asset quality and strong core profitability, according to the agency.

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